With support from HMV’s suppliers, Sunrise Records of Canada has acquired Britain’s oldest music retailer. The acquisition will keep all but 27 stores open a save close to 1,500 jobs. HMV’s history dates back to the opening of its flagship store on London’s Oxford Street in 1921.
Sunrise Record’s CEO and owner, Doug Putnam, believes that physical music media has a future.
“We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers,” he said on Tuesday. He bet on this future when he took over 70 HMV stores in Canada which expanded the the existing Sunrise chain from only five stores. Putnam says he hopes to replicate the success he has had with Sunrise in Canada.
Music industry experts believe creativity will be needed to keep HMV viable. According to Eric Alper, Putnam can be successful if he continues to reach out to artists and the community as he has already done in Canada. “I see them doing a lot more in terms of outreach in the community than anyone had the right to expect from them,” said Alper, noting Sunrise has built a presence at fan fairs, music conferences and record days throughout Canada. Alper believes Sunrise should look towards partnerships with artists and exclusive merchandise to bring in customers. (read the full CTV article )